James Villa Holidays, Landal GreenParks and Hoseasons are under new ownership after Wyndham Worldwide finalized a deal to sell its European vacation rental business to Platinum Equity.
The $1.3 billion deal includes a 20-year agreement for the brands to pay a 1% royalty fee of net revenue to Wyndham so that they can continue to use the Wyndham Vacation Rentals brand for endorsement.
Other brands in the portfolio include Novasol, which bought one-time Airbnb challenger Wimdu in 2016.
Airbnb was widely talked about as a possible suitor for the Wyndham rental brands in Europe but is understood to have exited from talks before the end of 2017.
Stephen Holmes, chairman and CEO of Wyndham Worldwide, says: “We conducted a rigorous strategic review process that generated strong interest from multiple parties, and we were pleased to find the right buyer.
“Our European vacation rental brands deliver a great consumer experience, have high brand recognition in their markets and have delivered strong, consistent results. Our goal has always been to position them for continued long-term growth.”
Wyndham says the group generates around $750 million in revenue per year and captures approximately $130 million in adjusted EBITDA.
New and old owners
Platinum has more than a passing interest in the travel and tourism sector, having made a string of investments in recent years.
These include individual properties belonging to DoubleTree By Hilton Suites (later sold), Sheraton Suites, and Marriott. It also has an interest in aviation logistics, having bought Worldwide Flight Services.
Partner Louis Samson says the new ownership could lead to additional acquisitions to the rental portfolio in the future.
Wyndham says the sale (and the recent acquisition of La Quinta’s franchise and property management service) is a “another important step in the evolution of our company”.
The portfolio counts 110,000 properties in 600 destinations, covering 25 countries around the world.